North Carolina Down Payment Support Systems

Online Merchant account - These systems are the Down Payment Assistance Program as well as the Mortgage Credit Certificate.

Also you buy a home between December 1, 2009 and January 1, 2009 and should you meet the requirements for one of these plans, you might also qualify for the $8,000 tax credit just enacted into law.

First, who's a first-time Home Buyer? A First Time Home Buyer is someone who hasn't owned a house in the previous three years. This is the same qualifying definition for the $8,000 tax credit.

If you qualify for the MCC, you'll be able to claim 20% of the interest you pay on your mortgage as a credit in your federal income taxes. It's possible for you to save around .

Should you qualify for the MCC, for 2009, you will have the ability to join this. This would reduce a purchaser's tax liability by $10,000.

Who qualifies for an MCC is based on the purchase price of the home as well as your income you're buying. Household income is defined as the “gross income of the mortgagor and every other person anticipated to live in the residence who is 18 years old or older.”

House price limitations Durham and Chatham Counties and the income are given below.

MCC Income Limitations 1 Individual $61,500 2 Individuals $61,500 3 Persons $70,500 4 Men $70,500

MCC Sales Price Limits New Dwelling $220,000 Existing House $210,000

The buyer only has to pay $1,000 of their own funds and the load would pay as much as .

This program has stricter income limitations than the MCC program outlined above. Like the MCC application, it could be used along with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, can not be applied in conjunction together with the MCC. This is an either or situation.

House price limits that apply in Durham, Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Individuals $57,050

Down Payment Support Sales Cost Limits New Home $210,000 Existing Residence $210,000